https://www.taxtmi.com/caselaws?id=282274 The Tribunal upheld the legality of the reference made by the Assessing Officer to the DVO under Section 55A, dismissing the challenge raised by the assessee. It found the valuation arrived at by the DVO to be excessive and directed a reduction of 20% due to adverse factors affecting the fair market value of the land. The Tribunal allowed the appeals in part, instructing the Assessing Officer to recalculate the gain, dividing it equally between both assessees after the valuation adjustment. en-us Mon, 26 Aug 2013 00:00:00 +0530 Wed, 31 Jul 2019 10:11:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282274 The Tribunal upheld the legality of the reference made by the Assessing Officer to the DVO under Section 55A, dismissing the challenge raised by the assessee. It found the valuation arrived at by the DVO to be excessive and directed a reduction of 20% due to adverse factors affecting the fair market value of the land. The Tribunal allowed the appeals in part, instructing the Assessing Officer to recalculate the gain, dividing it equally between both assessees after the valuation adjustment. Case-Laws Income Tax Mon, 26 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282274